New Brunswick mulls fate of major tungsten/moly/copper mining project

The struggling rural community of Stanley, New Brunswick, is now considering the economic prospects and potential environmental impacts of Geodex Minerals' proposed Sisson Brook tungsten/molybdenum/copper project.

RENO, NV - 

Stanley, New Brunswick, residents were recently briefed by Vancouver-based Geodex Minerals (TSX-V: GXM) about their proposed Sisson Brook project, a tungsten/molybdenum/copper deposit, planned to be in production by 2011.

It is also believed to be New Brunswick's largest mining project in 25 years with an estimated mine life of 31 years, and generate 300 mining jobs 60 kilometres from Fredericton, the province's second largest city, and 30 kilometres west of Stanley.

Sisson Brook is advancing to the pre-feasibility stage by the fall of this year. Thus far, a preliminary economic assessment completed in November 2007 by Wardrop Engineering of Vancouver estimated a capital cost of Cdn$375 million with an operating cost of Cdn$9.16/tonne.

A measured and indicated resource is expected to be announced this month. Compliant inferred resources were estimated at 128 million pounds of molybdenum and 378 million pounds of tungsten.

The Sisson Brook property has been explored since the mid-1950s. Among its previous owners are TexasGulf, Canadian Nickel, Phelps Dodge, Falconbridge, Brunswick Mining & Smelting and Champlain, which agreed to allow Geodex to acquire a 70% interest in the property.

The newspaper, Daily Gleaner, said there are four comprehensive environmental assessments underway in the province. Geodex is expected to register with the Department of the Environment next month. Once the project is registered, it will undergo an environmental determination.

During last week's public forums, concerns were raised about the potential environmental impact of the Sisson Brook project, including on wildlife, air and water quality. After the environmental determination is complete, the environmental minister can approve or deny a mining project, or call for a comprehensive review.

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